North-east firm expands on back of Barclays funding

A Peterhead-based engineering firm is gearing up for expansion into new markets, having secured a seven-figure funding package.

JBS Group, which was established in 1968 and originally served the North-east fishing industry, said that it now had a £2 million working capital funding package and new management team in place. It will continue to drive growth into new sectors and geographical markets, focusing on the United States.

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Over the past 12 months, the business has expanded into 28 countries, diversified into the renewables and power industries, and has secured major contract wins with a US power authority and a US space agency.

Hunter Inkster, relationship director at Barclays, which is providing funding, said: “Diversification can be an exciting yet challenging process and winning contracts with globally renowned companies truly demonstrates that Scottish businesses of all sizes can have a successful international reach.”

Mike McCafferty, managing director at JBS Group, said: “We’re no longer solely focused on oil and gas markets and have ambitious targets for growth in 2019, including development into new sectors and territories, which we hope will create new roles across the business.”